Reports on Market Movers Potash Corp of Saskatchewan, Argonaut Gold, Eastern Platinum, and Ritchie Bros Auctioneers for Tuesday

NEW YORK, NY / ACCESSWIRE / August 31, 2016 / The S&P/TSX Composite Index rose by as much as 0.70 percent in early trading Tuesday before settling to close at 14,684.85, up 0.02 percent and up approximately 0.7 percent in the month of August. Major gains by Potash Corp. of Saskatchewan Inc. and Agrium Inc., who are amidst merger talks, were offset by declines by gold miners. The TSX materials sector was the biggest loser Tuesday with a decline of 1.99 per cent, as Barrick Gold Corp. and Goldcorp Inc. both fell over 4.7 percent.

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Potash Corporation of Saskatchewan Inc. (TSX: POT)

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Potash Corporation of Saskatchewan’s shares soared 11.48 percent to close at C$23.3 a share Tuesday. The stock traded between C$20.84 and C$23.62 on volume of 8.88 million shares traded. On Tuesday, the company and Agrium Inc. stated that they were in talks regarding a potential merger. The merger would create a fertilizer and farm retailer that would own over 50 percent of North American potash capacity. “Opportunities for cost synergies make sense to us, but we have a harder time justifying the market optimism, we think the opportunity for (potash) price hikes are limited,” said Jaffrey Stafford, an analyst at Morningstar. Shares of Potash Corp. of Saskatchewan are down approximately 1.69 percent year-to-date and are up roughly 14.5 percent in the past month.

Argonaut Gold Inc. (TSX: AR)

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Argonaut Gold’s shares fell 10.99 percent to close at C$3.16 a share Tuesday. The stock traded between C$3.12 and C$3.53 on volume of 1.76 million shares traded. The company reported revenue of $39.1-million from sales of 30,355 gold ounces at an average price of $1,258 per gold ounce and 56,827 silver ounces at an average price of $17 per silver ounce in the second quarter of 2016. Shares of Argonaut Gold have gained approximately 165.5 percent year-to-date, but have fallen roughly 11.7 percent in the past month.

Eastern Platinum Ltd. (TSX: ELR)

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Eastern Platinum’s shares gained 12.90 percent to close at C$0.70 a share Monday. The stock traded between C$0.64 and C$0.71 on volume of 194,533 shares traded. The company reported a net loss of $25.5 million for the second quarter of 2016, which included a $23.3-million impairment charge on its Crocodile River mine. The company’s cash and short-term investments totaled $45.8-million with a net working capital of $52.4-million at the end of the second quarter of 2016. Shares of Eastern Platinum have fallen approximately 16.7 percent year-to-date and are down roughly 17.7 percent in the past month.

Ritchie Bros. Auctioneers (TSX: RBA)

Get Your Up-To-Date Ritchie Bros. Research Report at www.rdinvesting.com/company/RBA.

Ritchie Bros. Auctioneers shares spiked 24.21 percent to close at C$46.74 a share Tuesday. The stock traded between C$43.47 and C$47.05 on volume of 1.25 million shares traded. On Tuesday, the company announced an agreement to acquire IronPlanet, a leading on-line marketplace for used heavy equipment and other durable asset sales, for approximately $758.5 million. Additionally, the company announced that it has entered into a strategic partnership agreement with Caterpillar Inc. Shares of Ritchie Bros. Auctioneers have gained approximately 40.2 percent year-to-date and are up roughly 7.9 percent in the past month.

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